Vietnam spends more than 100 billion USD buying Chinese goods in 7 months

After only 7 months, the import turnover of Chinese goods reached more than 100 billion USD. This figure increased by more than 21 billion USD compared to the same period last year.

According to preliminary statistics just announced by the Customs Department, after only 7 months, the import turnover of Chinese goods reached more than   100 billion USD . This number increased by more than   21 billion USD   Compared to the same period last year, the corresponding growth rate is more than 27%, much higher than the general growth rate of the whole country.

With the above figure, the proportion of Chinese goods in the total import turnover of the country has increased from 37.3% to 40.2%, continuing to become Vietnam's largest import market.

Topping the import list is the group of computers, electronic products and components. In just 7 months, Vietnam spent up to   28.5 billion USD   to import this group of goods from China, up to 46.7% over the same period last year.

Right after that is the group of machinery, equipment, tools, spare parts, with turnover   21.3 billion USD , up 35.5%, the increase far exceeded the country's general import rate in the same group of goods.

Not only technology, many other groups of goods also recorded import turnover from China at billions of USD. Specifically, including phones and components reaching   5.1 billion USD , up 10.6%; fabrics of all kinds nearly   6 billion USD , textile, garment, leather and footwear materials reached   2.44 billion USD   up 12.8%, textile fiber   1.1 billion USD   increased by 14.4%.

These figures show a clear recovery of the textile and footwear industry - Vietnam's key export sector - which is heavily dependent on imported raw materials from China.

Besides, import of plastic products from China reached   3.6 billion USD , up 31.2%, raw plastic materials   2.2 billion USD   increased by 24.4%.

Another highlight is the boom in the automobile segment. In 7 months, Vietnam spent nearly   888 million USD   Imports of complete cars from China increased by 70.42%. Along with that, the turnover of auto components and spare parts reached   1.1 billion USD , up 74.7%. This is a record increase, reflecting high domestic consumption and the trend of shifting vehicle and spare parts supply from China.

In addition, in the past 7 months, many imported goods from China have had strong growth in turnover, such as animal and vegetable oils and fats; precious stones, precious metals and products; aromatic substances, cosmetics and cleaning products... with double or even triple digit growth rates.

Meanwhile, in 7 months, Vietnam's exports to China reached   35.02 billion USD , up 7.8%, corresponding to an increase   2.5 billion USD   compared to the same period last year. Thus, Vietnam currently has a trade deficit with China of about   66.4 billion USD .

The sharp increase in imports from China is playing an important role in helping Vietnam maintain its manufacturing supply chain, from electronics, machinery to textiles and automobiles. However, according to experts, along with maintaining a stable supply, Vietnam needs to urgently develop domestic supporting industries, while diversifying import partners from other markets such as Korea, Japan, ASEAN or India to minimize risks and create a more balanced position in international trade.

Source: https://baoquangninh.vn/viet-nam-chi-hon-100-ty-usd-mua-hang-trung-quoc-trong-7-thang-3373043.html